CONSEQUENCES OF COVID-19 ON INDIAN ECONOMY (original) (raw)

A STUDY ON IMPACT OF COVID-19 ON THE INDIAN ECONOMY

Mukt Shabd Journal, 2021

The study is intended to emphasis the significant impact of COVID-19 a global pandemic situation on Indian economy. The economy was running as usual and suddenly at the end of the third quarter of the fiscal year 2019-20 a novel corona virus entered Indian Territory and starts to infect the peoples silently. Just within two months, it's been spread across the country, and survival gone typical in the normal course. The economic impact of the 2020 coronavirus pandemic in India has been largely disruptive. India's growth in the fourth quarter of the fiscal year 2020 went down to 3.1% according to the Ministry of Statistics. Almost all the sectors on Indian economy are badly affected due to pandemic Covid-19. Largest GDP contraction ever in FY 2020-2021 at-23% is witnessed. Also there is sharp rise in unemployment.

COVID-19 and its Impact on Indian Economy

The economic impact of the 2019-20 coronavirus pandemic in India has been hugely disruptive. World Bank and credit rating agencies have downgraded India's growth for fiscal year 2021 with the lowest figures India has seen in three decades since India's economic liberalization in the 1990s. The former Chief Economic Advisor to the Government of India has said that India should prepare for a negative growth rate in FY21 and that the country would need a ₹70 lakh crore stimulus to overcome the contraction. However, the International Monetary Fund projection for India for the Financial Year 2021-22 of 1.9% GDP growth is the highest among G-20 nations. Within a month unemployment rose from 6.7% on 15 March to 26% on 19 April. During the lockdown, an estimated 140 million (140 million) people lost employment. More than 45% of households across the nation have reported an income drop as compared to the previous year. In this paper we depict the condition of the Indian economy in the pre-Covid-19 period, survey the potential effect of the stun on different portions of the economy, examine the arrangements that have been reported so far by the focal government and the Hold Bank of India to enhance the monetary stun and set forward a lot of approach suggestions for explicit segments.

Impact of Covid-19 Pandemic on Indian Economy

The purpose of this study is to explore the impact of covid-19 pandemic on Indian economy during the lockdown period. The finding of the study reveals that the large people of the country lost their job for covid-19 pandemic. Moreover, the study also shows that the very significant impact on Indian economy under the lockdown period. Keywords: Slow down of Demand and Supply, Major survey of the data which were published difference institutions.

Effect of COVID-19 on Economy in India: Some Reflections for Policy and Programme

Journal of Health Management, 2020

The outbreak of COVID-19 brought social and economic life to a standstill. In this study the focus is on assessing the impact on affected sectors, such as aviation, tourism, retail, capital markets, MSMEs, and oil. International and internal mobility is restricted, and the revenues generated by travel and tourism, which contributes 9.2% of the GDP, will take a major toll on the GDP growth rate. Aviation revenues will come down by USD 1.56 billion. Oil has plummeted to 18-year low of $ 22 per barrel in March, and Foreign Portfolio Investors (FPIs) have withdrawn huge amounts from India, about USD 571.4 million. While lower oil prices will shrink the current account deficit, reverse capital flows will expand it. Rupee is continuously depreciating. MSMEs will undergo a severe cash crunch. The crisis witnessed a horrifying mass exodus of such floating population of migrants on foot, amidst countrywide lockdown. Their worries primarily were loss of job, daily ration, and absence of a soc...

Impact of Covid 19 and Lockdown on Indian Economy: Some Policies

Zenodo (CERN European Organization for Nuclear Research), 2023

COVID 19 is an infectious disease caused by corona virus. Taking its birth in the Wuhan city in China during December 2019 this virus spreads all through the world including India within a short span of time. In a state of no vaccine or no medicine, the government of India along with other parts of the world, called on the nationwide lockdown, to cope up the situation.The present paper focuses the impact of lockdown on the health of industry, tourism, growth of GDP and the migrant labours in India. It is found that, the world's biggest (69 days) nationwide lockdown adversely affected all the sectors of economy triggering a global economic crisis. The production system is collapsed. The contraction in IIP becomes 57.6% (April, 2020). Large number of private sector employee and labours especially migrant one become jobless. The collection of revenue turns into the lowest amount and so the sum of GDP. The social and economic life of the nation becomes standstill thereby upsetting the communities as a whole.

Impact of COVID-19 on Indian Economy

international journal for research in applied science and engineering technology ijraset, 2020

The outbreak of coronavirus disease 2019 (COVID-19) has caused greater than 2,900,000 + confirmed instances in the world and pronounced in 210 countries as on April 26, 2020 Due to organic nature of the novel coronavirus, named severe acute respiratory syndrome coronavirus (SARS-CoV-2) with faster spreading and unknown transmission pattern, it makes us in a problem function to incorporate the disease transmission globally. To date many countries are in lockdown to prevent from people from coronavirus by this economy has been affected and has to bare the losses.

CHALLENGES FOR INDIAN ECONOMY DURING COVID-19 PANDEMIC

Dr. Rahul Thakur, 2024

The COVID-19 pandemic was a great challenge to the world economy. More than half of the world population is either under severe or partial lockdown without proper health care due to the coronavirus, and economic activity across countries has either stalled or significantly decelerated, taking away millions of livelihoods. India, being a densely populated country with insufficient health care facilities, was left with no choice but to follow the policy of lockdown. The world economy is heading for a recession, and India is no exception. The COVID-19 pandemic is working its way through a highly globalized world with interconnected production networks and financial markets. The fallout of COVID-19 on the Indian economy is going to be huge because of its own lockdown, which was essential to contain the spread of coronavirus, and also because of India's integration with the rest of the world. The study explores the effects of the pandemic on several sectors of the Indian economy and the challenges to be faced post-COVID-19.

COVID-19 PANDEMIC, LOCKDOWN, AND INDIAN ECONOMY

Purpose of the study: This study focuses on COVID-19 pandemic and its consequences on Indian economy due to lockdown. It also focuses on the major sectors affected by COVID-19. Methodology: A comprehensive survey is conducted by reading the research articles, online website articles, and news related to the COVID-19 effect on the Indian economy. First, the Indian economy’s state was studied before the COVID-19 pandemic, next, studied the effect of the government measures taken for COVID -19 that is the effect of lockdown on the different sectors that affect the Indian economy. Lastly, some light is thrown on the business survival strategies during the COVID-19 pandemic. Main findings: The study shows the current and future probable GDP of the Indian economy. It also shows the sectors affected due to the COVID-19 pandemic and the strategies that are used for business survival. Implications of this study: An understanding of COVID-19 outbreak effect on numerous sectors that affected Indian economy. Novelty/Originality of this study: This paper gives an inimitable insight of the influence of COVID -19 on various sectors that influenced Indian economy.

IN-DEPTH ASSESSMENT OF THE IMPACT OF COVID-19 ON INDIAN ECONOMY

EPRA International Journal of Economic and Business Review (JEBR), 2021

Mending the deteriorating state of the world economy caused by the outbreak of COVID-19 is the biggest challenge in the new millennium. The shocking effects of the pandemic have not only affected the socio-cultural lives of the people but have also stunned the economies across the world. The world economy is passing through great uncertainty in this pandemic situation. Economists predict that the economic impact of the pandemic could be worse than the world economic crisis of 1930. Indian economy is also not beyond the sphere of COVID-19. This pandemic has impacted all sectors of the Indian economy, whether it is primary or secondary or tertiary or even Quaternary. No part of the vital segments of the Indian economy such as trade, production, demand, tourism and business travel, investment, and investor sentiment has been spared from its harsh effects. Undoubtedly, COVID-19 has severely affected the Indian economy, but how profound was the impact of COVID-19 on the Indian economy? That is the question of this research paper. Thus, considering various indicators of economy such as GDP, unemployment rate, net exports, and GST collections, an attempt has been made here to compare the state of the Economy in FY 2020-21 with that of FY 2019-20 so that at least the immediate impact of COVID-19 on the Indian economy can be assessed.